The heavyweight title for the promotion Slice and Bledsoe are fighting in.

It's pretty standard fare for small-time promotions to have titles. Bobby Lashley and Darril "Titties" Schoonover are going to fight for the Shark Fights heavyweight title, for example. Even if the titles don't mean much, they at least make the fight a little more interesting for the audience by having something at stake.

Incidentally, I just read Seanbaby's article featuring WMAC Masters. I can't believe I didn't think of this an appropriate venue for Kimbo:

The relevant part starts around three minutes in. It's a fight between Olympic TKD champion / UFC commentator Herb Perez and Shootfighter 2 star Mike Bernardo. The fight takes place on a rotating platform above a pit, and ninjas intermittently intervene in the action. Just add some rabid animals at the bottom of the pit and you've got the perfect venue for Kimbo.